On 24 March 2014, the OECD issued, for public comment, its long-awaited discussion draft on BEPS Action 1 ("address the tax challenges of the digital economy"). What does the document say and how might it impact your organization? We'll discuss:

The OECD's view that other actions within the BEPS project will significantly restrict BEPS tax planning in regard to the digital economy.

The OECD's list of possible options to fully address the tax challenges of the digital economy.

- Modifications to the PE definition, to restrict the exceptions in Article 5(4). - New nexus based on the notion of "significant digital presence".
- A "virtual fixed place of business PE", a "virtual agency PE", and a "virtual on-site business presence PE".
- Withholding tax on digital transactions.
- VAT options, in regard to: (i) exemptions for imports of low valued goods, and (ii) remote digital supplies to consumers.

Reading between the lines: what the discussion draft tells us about the "behind the scenes" conflict within the BEPS project.

Keep up to date with significant changes in international taxation under the BEPS project.

On 19 March 2014, the OECD issued, for public comment, two related discussion drafts as part of Action 2 (hybrid mismatch arrangements) of the BEPS project. One discussion draft deals with recommendations for domestic law changes, whilst the other discussion draft covers treaty issues. What are the proposals and how might they affect your organization? We'll discuss the OECD's recommendations in regard to:

On 14 March 2014, the OECD issued, for public comment, a discussion draft called: "Preventing the granting of treaty benefits in inappropriate circumstances". The discussion draft is part of Action 6 ("prevent treaty abuse") of the BEPS project. What are the proposals and how might these affect your organization? We'll discuss:

In its October 2013 budget, the Malaysian government announced a new goods and services tax (GST) with an implementation date of April 2015. Since then, many revisions have been made to the law, along with industry and sector specific implementation guidance. What should multinationals know about the new law and guidance? We'll discuss:

Insights into the government's new online registration portal, including the latest on industry guides (particularly in the banking and consumer business sectors).

The latest updates on special schemes and industry-focused rules – for example, how will the requirements of the Approved Trader Scheme work in practice?

Important issues businesses should begin to prepare for now – what pitfalls are there lurking in systems work undertaken by businesses for the new GST? What are the ramifications for businesses of the anti-profiteering rules and GST – where is the burden of proof and what level of evidence is required?

Hear the latest details on Malaysia's new GST program and how you should be preparing for implementation in 2015.

International Tax
"Permanent Establishment" Definition: Current "Frictions" in Interpretation

The "permanent establishment" (PE) definition in double tax treaties continues to be subject to changing, and conflicting, interpretations, quite apart from any redrafting of the definition under the OECD's BEPS Project. What are the current areas of "friction" in the interpretation of this important determinant of source country entitlement to tax business profits? We'll discuss:

The "at the disposal" condition in Article 5(1) and its application in toll manufacturing, logistics, visiting employees, and other situations.

The "furnishing of services" PE in Article 5(3)(b) of the UN model treaty.

The "binding" condition in Article 5(5).

The circumstances, if any, in which a non-contract-concluding dependent agent can cause a PE for its principal.

Understand the current "friction" areas in the interpretation of the PE definition in double tax treaties.

Across Asia, banks and their corporate clients are increasingly focused on cash and liquidity management, as well as financial supply chain solutions. Why is cash pooling such a focus now and what are important considerations for your organization? We'll discuss:

Factors driving the development of cash pooling in Asia, including bank and corporate perspectives and the prevalence of cash pooling in Asia.

Recent Asia Pacific regulatory changes impacting cash pooling, including developments in China that are expected to prompt further development of cash management products in China.

Transfer pricing issues and considerations, including allocation of the interest savings from cash pooling.

Gain insights into this developing trend and what it could mean for your organization.

Potential internationalization of the RMB, introduction of market interest rates, and facilitation of cross-border trade and investment flows are a few of the sweeping financial markets reforms possible with establishment of the China (Shanghai) Pilot Free Trade Zone (the Zone) in September 2013. What could these and other development mean for financial services providers? We'll discuss:

Current status of market reforms in the Zone and steps Chinese and foreign businesses are taking to benefit from them.

What financial institutions are doing in the Zone, including liquidity management, risk trading and cross-border investment flows.

Transfer pricing issues surrounding pricing of intercompany debt and guarantees remain at the forefront of discussions and controversies across Asia Pacific. What are the latest developments multinationals should consider? We'll discuss:

Indian tax authorities continue to challenge multinationals that provide services from India under global agreements and claim them as export services, despite a number of decisions upholding the position of export. What recent developments should multinationals consider? We'll discuss:

Types of business models being adopted when performing services in India under global arrangements, including arrangements for soliciting orders for global parent and providing after sales service to customers in India.

Service tax provisions that have prevailed, including export of service and point of taxation and their implications.

The comprehensive VAT reform in China marches on, with an announcement or change nearly every week. What recent news and changes should multinationals be aware of? We'll discuss:

Whether the China Business Tax is really on its way out and, if so, what it means, particularly in the transition phase to the comprehensive national VAT promised by 2015.

Requirements of the new VAT regime and multinationals' options for managing compliance and risk, including transition rules from Business Tax and revised national VAT return formats, potentially in simplified form.

Software and other tools that can help multinationals address new VAT requirements effectively and efficiently – what is out there to help businesses monitor compliance and simplify VAT return obligations in the context of the Golden Tax System?

Greater competition, an increasingly complex global business environment, and pressures to squeeze more profits out of the value chain are driving companies to consider shared services and procurement as functions which can drive value creation and operational performance. What are specific operational and tax considerations for setting up and operating procurement companies (Procos) and shared services centers (SSCs)? We'll discuss:

Proco and SSC models' best practices being adopted in various industries and how they may fit into regional operating models.

Potential operational benefits of operating under a Proco or SSC model.

A Sino-Russia investment boom is unfolding as Russia welcomes foreign investors and shares the benefits of economic liberalization. What M&A opportunities, risks, and strategies are likely to emerge? We'll discuss:

An overview of Russia's opening up and resulting opportunities, including Special Economic Zones, Far East and Siberia regional development wave, state-owned enterprise privatization campaign, infrastructure boom, and a bourgeoning middle-class consumer market.

Years of uncertainty associated with general anti-avoidance provisions under Part IVA of Australian tax law prompted court judgments between 2009 and 2011 that clarified matters. The Australian government responded with amendments to Part IVA in 2012. What has happened in the year since the new rules were enacted? We'll discuss:

A review of the cases driving the changes and key elements of the new regime.

Impacts of the new measures on the cases that necessitated change, including the so-called "do nothing" argument.

Consideration of particular areas of uncertainty, including the new definition of "tax benefit".

Guidance for taxpayers on dealing with the new rules.

Gain valuable insights on the regime that will be critical to taxpayers in their Australian dealings.

International Tax
International Tax: What Can We Learn from the Top Tax Cases of 2013?

On 30 January 2014, the OECD issued, for public comment, a discussion draft on standardized transfer pricing documentation including the common template for reporting profits, taxes and other information to tax authorities on a "country by country" basis. The discussion draft is part of Action 13 of the BEPS project. What are the proposals and how might these affect your organization? We'll discuss:

The proposed draft common template for providing information on a global basis.

Proposals for master file and local file documentation.

The OECD's questions seeking input from business.

A framework for adapting systems and processes to deal with "country by country" compliance.

Consultation, timetable, and next steps.

Keep up to date with significant changes in international taxation under the BEPS project.

M&A activity is picking up again, especially inbound and outbound investments involving Indian companies. What are the important cross-border tax considerations and how can your company prepare for them? We'll discuss:

Potential tax consequences of different M&A deal structures and post-merger operating structures, and the possible role of tax credits.

Potential impact of double tax treaties between various Asian countries.

Japan's 2014 tax reform proposals, some already announced and others still expected, are designed to boost Japan's competitiveness and encourage economic growth. What are expected impacts of these changes on companies and individuals? We'll discuss:

Drivers behind the reforms, including fiscal and stimulus measures intended to reduce the deflationary impact of the recently announced consumption tax rate increase.

Enhanced tax measures, including measures to encourage investment in production facilities and improvements to certain tax credits.

Other tax reform proposals, including early abolition of the Special Reconstruction Corporation Tax.

Planned increases in consumption tax, including transition rules and possible changes to the treatment of cross border supplies.

Gain the latest insights on direct and indirect tax matters affecting companies and individuals in Japan.

With the year of the snake departing and the galloping horse arriving, what upcoming rule changes may have material impacts for multinationals investing into China? What lessons can be learned from issues experienced by inbound investors into China during 2013? We'll discuss:

Common issues in VAT reform implementation and latest VAT rules.

Transfer pricing developments and year-end cases of interest.

Continued focus on non-resident taxation – recent rule changes and cases of interest.

The impact of the China (Shanghai) Pilot Free Trade Zone on multinationals, as well as other expected tax policy changes and their potential effects on businesses.

Explore important developments from the past year and learn which issues to watch for in the new year.

Increasing opportunities in the emerging economies of Asia are driving businesses to move talent to and recruit talent in the region. What does the talent landscape look like and how are leading companies navigating it? We'll discuss:

Insights on the talent priorities and strategies of organizations operating across the region.

The challenges of talent scarcity, recruitment, retention, and HR maturity, and actions multinationals are taking to address them.

A focus on talent trends in China and Malaysia, including specific immigration challenges of moving people into and out of each country and tax implications for employers and employees.

Explore the talent issues multinationals face in China, Malaysia, and across the region, and learn about the ways they are turning challenges into opportunities.

The OECD is developing a framework for multilateral automatic exchange of tax information based on the Model 1 Intergovernmental Agreements (IGAs) for the U.S. Foreign Account Tax Compliance Act. This global Automatic Exchange of Information (AEoI) is sometimes referred to as global FATCA or "GATCA". Delivery of this framework is on an ambitious timetable, with the requirements to be finalized in early 2014 and exchange of information scheduled to commence by the end of 2015 among G20 members. We'll discuss:

What are the main requirements of GATCA?

What are the significant differences between FATCA and GATCA, particularly for exemptions and concessions?

What are the key issues and concerns raised by financial institutions and advisers to date?

What might financial institutions in Asia Pacific consider doing now to prepare for GATCA?

Understand how your financial institution will be affected by GATCA and consider the impact of GATCA on current FATCA implementation programs.

The BEPS Project is the most important review of the world's international tax architecture in decades. Since its official launch by the OECD and G20 in July 2013, what have been the key developments, both globally and in Asia Pacific? And what's next? We'll discuss:

Work currently being undertaken by the OECD, including country-by-country reporting, the transfer pricing aspects of intangibles, and the "permanent establishment" definition.

Areas of potential "friction" amongst OECD / G20 countries.

"BEPS scorecard" for Asia Pacific countries: current legislative position, perspectives of governments and the public, and unilateral BEPS actions.

The (expected) way forward.

Find out the current position on this very important international tax initiative.

International Tax
Inbound Investment into Indonesia: Current Tax Issues and Challenges

As tax authorities across the Asia Pacific region increase their scrutiny of multinational companies' compliance with indirect tax laws, more disputes and litigation are arising. What options do multinationals have for calming the fires? We'll discuss:

A review of recent indirect tax disputes and litigation in various Asia Pacific countries with focus on Australia, China, India, and Singapore.

The spread of mediation and tribunal processes from the UK and Europe to the Americas and most recently across Asia Pacific in jurisdictions like India and Malaysia.

Australia's recent shift in energy policy and related taxes certainly has implications for multinationals operating in that country. But could changes there trigger new taxation efforts elsewhere across the region, too? We'll discuss:

An overview of Australian tax issues relating to the energy and resources industry, including traditional power and utilities and modern renewables.

How these issues may be relevant to foreign investors as compared to local investors, and possible competitive implications for bid modeling.

Possible effects of Australia's actions on broader energy related policies across the Asia Pacific region, including carbon taxes and mining and petroleum taxes.

Explore the changing tax landscape for energy and resources companies in Australia and across the Asia Pacific region.

Indirect Tax
OECD International Guidelines for VAT / GST: What's Next and How Should You Respond?

3 December 2013
Host: Robert Tsang
Presenter: David Raistrick

After releasing VAT / GST International Guidelines for comment in February 2013, the OECD recently hinted at how public input might shape ongoing guideline development. What should you know? We'll discuss:

How the OECD guidelines are changing and evolving, and what can be learned from the recent IRAS / OECD Conference in Singapore.

How multinationals can use the OECD guidelines to address operational issues and adjust their approach to indirect tax planning, compliance, and audits.

Expansion of the guidelines to establishment rules and principal vs. agent for indirect tax purposes.

Explore the latest developments in this important area of indirect taxation and how your organization might need to respond.

With constant changes in the economy, more foreign multinationals operating in Asia are reorganizing or disposing of their operations. What are some of the options available to such companies to achieve a smooth and positive result? We'll discuss:

An overview of vendor due diligence and possible areas of value that such a process can create, including optimization of purchase price and less disruption to operating activities.

Appropriate circumstances under which companies should consider vendor due diligence, including sales auctions and carve-outs.

Other sales considerations similar to vendor due diligence

Potential tax issues of interest to a vendor, such as pre-sale restructuring, possible use of a tax-free reorganization and tax implications of a direct or indirect transfer.

Understand different aspects of vendor due diligence and explore related tax structuring issues that may arise during a reorganization or disposition.

International Assignments
Get Set for the End of the Year: A Technical Update for Individuals and Employers in the Region

As end of the year approaches, individuals and businesses across the Asia Pacific region are gearing up to fulfill their various year-end tax compliance obligations. What latest technical and regulatory developments in the region could impact your preparations? We'll discuss:

The growing trend of tax authorities to require some level of asset reporting from individual taxpayers, including Japan's new foreign asset reporting requirement which will require many individual tax residents in Japan to disclose their foreign assets for the first time.

In a recent high profile case involving a well-known multinational corporation, the Indian tax authorities have held that the Indian subsidiary had undervalued its shares while raising funds from its global parent. The tax authorities have proposed both primary and secondary tax and transfer pricing adjustments for the alleged under-pricing of intragroup shares issued. What could this mean? We'll discuss:

Basics of the case, including India's rationale for the proposed adjustments – challenging the valuation methodology and claiming that the valuation difference created a deemed loan to an associated enterprise.

Is an under-valuation of shares, a capital adjustment accruing to the share premium account and, therefore, not to be considered as income foregone?

Implications of secondary adjustments proposed for the deemed loan, and global precedents for such secondary adjustments.

Learn how India may be trying to expand the tax and transfer pricing umbrella to include cross-border capital transactions and ways companies may need to respond.

As Indian companies grow more global in scope and make more overseas investments, they encounter a growing number of issues associated with cross-border employment of their outbound mobile workforces. How are leading companies addressing these issues? We'll discuss:

The shift in the Indian outbound workforce paradigm and resulting employer and employee HR, tax, and social security issues.

Regulatory compliance challenges faced by Indian multinationals, including immigration restrictions.

Ways that companies can address these challenges, including planning and control strategies.

The influx of Chinese investments into Poland has grown substantially in recent years. What is the attraction of this market and what market entry strategies are various players using? We'll discuss:

An overview of Chinese banks and other investors targeting Poland and examples of their business ventures there, including acquisition of machinery and bearing manufacturers.

Preferred business legal structures selected by Chinese investors for various industries, including joint venture, branch office and private limited company in transport, manufacturing, banking and trading industries.

A case study of successful Chinese investment through private and public acquisitions in manufacturing industry and the difference between both deals.

Learn how Chinese investors benefit from their presence in Poland and use that country as a gateway to Europe.

Location Specific Advantages (LSAs) continue to dominate the transfer pricing discourse in India and China. How has the recent OECD Revised Discussion Draft on Intangibles added to the debate, and are LSAs likely to assume relevance in other Asia Pacific countries? We'll discuss:

Importance of geographic market factors that may lead to LSAs, including location savings, market premiums, and group synergies.

Existing evidence indicating the relevance of LSAs in certain industries, such as automotive, electronics, and services, and geographic markets.

Recent developments on the interpretation and quantification of LSAs in transfer pricing.

Adapting transfer pricing analysis and documentation to address the inherent complexity of LSAs.

Gain new insights on LSAs and how your organization can prepare for potential tax authority scrutiny.

The tax-related capabilities of ERP systems, as well as tax-specific planning and compliance software, have become much more sophisticated in recent years. In addition to analytics, what other tax technology could your organization benefit from? We'll discuss:

Various types of tax technology tools available today, including some embedded in ERP systems and other standalone tax management systems.

The importance of the business case and how to build and articulate it to stakeholders and decision takers.

China's double tax treaties have significant implications for inbound investment into the country. Which treaty is best in class for particular types of income, and what potential issues could you encounter using them? We'll discuss:

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